However, unlike his fellow Floki and Dogecoin tokens, the SHIB token was able to achieve most of its earnings without Elon Musk’s blessing. While Musk’s tweets have driven cryptocurrency prices up and plummeting on other occasions, his relative lack of action with the SHIB token highlights the strength of the token.
The billionaire had recently tweeted that he did not hold any SHIB tokens in response to another Twitter user, who briefly lowered SHIB prices by 20% before the token made up for losses with additional gains.
The SHIB token even managed to overtake Dogecoin in terms of market capitalization. It is currently trading at position 9 while Dogecoin is at number 10 of the “10 best cryptos by market cap table”.
Unlike other coins, the developers of the SHIB token have made a concerted effort to establish a real use case and utility for the token. The token already has a suitable ecosystem in place with Shibaswap, with tokens like BONE and LEASH. Along with the Shibaswap platform, the SHIB token also has an NFT marketplace.
However, the next major development for the token meme comes with the upcoming release of its own blockchain, according to a report on CoinMarketCap. Shibarium, a Layer 2 blockchain, is a new blockchain built for the Shiba ecosystem and will use the BONE token, and have a fair “zero” start for all users.
Ryoshi, the pseudonymous developer of the SHIB token, said transaction costs on the new blockchain will be zero or close to zero. Shytoshi Kusama, the head of the Shiba project, told the Shiba Discord server that the new blockchain will only charge a nominal fee for any service, game or product that is also built there.
The growing real-world use of the token and the SHIB ecosystem may be the impetus for the token to finally break through the next resistance levels and gain the much needed market capitalization to compete with bigger coins.
(Edited by : Yashi Gupta)